This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New Hampshire Contract for the Sale of Residential Property - Owner Financed with Provisions for Note and Purchase Money Mortgage
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FAQ
A vendor take-back mortgage is a unique kind of mortgage where the seller of the home extends a loan to the buyer to secure the sale of the property. Sometimes referred to as a seller take-back mortgage, this type of loan can benefit both the buyer and the seller.
A wraparound tends to arise when an existing mortgage cannot be paid off. With a wraparound mortgage, a lender collects a mortgage payment from the borrower to pay the original note and provide themselves with a profit margin.
This type of mortgage usually replaces the buyer's cash that would be paid to the seller. For example, if the buyer could pay for a $500,000 house with a $400,000 bank mortgage, $40,000 in cash, and $60,000 of the purchase money mortgage.
Unlike a sale involving a mortgage, there is no transfer of the principal from buyer to seller. Instead, the agreement is that the buyer will repay that sum over time. This alternative to traditional financing can be useful in certain situations or in places where mortgages are hard to get.
: the consideration paid or to be paid by the purchaser of property.
Purchase money mortgages have higher interest rates than traditional bank mortgages. They are often used by buyers without enough savings to cover a traditional down payment, or who cannot get a large enough bank mortgage due to poor credit.
Cons Usually charges a higher interest rate compared to a traditional mortgage. Typically required a balloon payment at the end of the loan term. Sellers may not agree to this arrangement if the buyer has poor credit. A due-on-sale clause may prevent the seller from entering this type of arrangement.
A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known as a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels.